Rising Treasury yields to multi-year highs, with the 10-year note reaching 5.23-5.29%, weighed on equities amid geopolitical tensions over oil supplies linked to U.S.-Iran developments and uncertainty around the Strait of Hormuz. The S&P 500 fell from 7,721.70 early on September 28 to close the week at 7,651.54 on September 30, reflecting a monthly decline as higher borrowing costs pressured valuations. Softer-than-expected August PCE inflation data at 3.4% year-over-year tempered some Federal Reserve rate-hike expectations ahead of October decisions, while resilient GDP revisions highlighted economic strength. Traders monitored labor market signals like JOLTS data and upcoming inflation releases for shifts in monetary policy paths.